I have been warning about the weak performance of the Financial sector for some time. There is a large triangle which appears to be broken now. The small bounce over the last few days may just be a backtest of the lower triangle line.
A few days ago Rifin tested near the March lows! Frankly, that is disturbing... The difference between SPX and Rifin performance is beyond glaring, and I think this is a very dangerous situation now with the triangle breach.
Tomorrow, May 20th is when my next time cycle is due. Perhaps a backtest of the broken lower orange fork line tomorrow might be next. If so, then tomorrow could be a high for the market, with a serious decline to commence early next week.
Upon careful consideration I have decided that it is simply too dangerous to have any long bullish exposure to this market until further notice.
I highly recommend that it is time to review exposure immediately for the sake of risk management.
Tomorrow, I am going to sell my Silver position. The Silver pattern is interesting and I am going to be following that closely, but Financials risk trumps Silver in my eyes. I am concerned about the situation with the financials, and will play it safe. There are lower risk entries on Silver that I will look at instead once things further develop.